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Credit Reports
& Your Rights
Your credit
payment history is recorded in a file or report. These files
or reports are maintained and sold by "consumer reporting
agencies" (CRAs).
One type
of CRA is commonly known as a credit bureau. You have a credit
record on file at a credit bureau if you have ever applied
for a credit or charge account, a personal loan, insurance,
or a job. Your credit record contains information about your
income, debts, and credit payment history. It also indicates
whether you have been sued, arrested, or have filed for bankruptcy.
The Fair
Credit Reporting Act (FCRA) is designed to help ensure that
CRAs furnish correct and complete information to businesses
to use when evaluating your application.
Your
rights under the Fair Credit Reporting Act:
In
Massachusetts, you have the right to one free credit report
per calendar year. You can pay for a report on-line, or for
the FREE report, you will have to send written information
into the CRA’s. Click on the link below to print out
a form, fill out & sign, and mail into the respective
agency.
Equifax FREE
credit report request
Transunion
FREE credit report request
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Bonus: “Opt-out”
to prevent credit agencies from using
your info for marketing purposes: Call 1-888-5-OPTOUT.
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You have the right to know the name of anyone who received
your credit report in the last year for most purposes or in
the last two years for employment purposes. Any company that
denies your application must supply the name and address of
the CRA they contacted, provided the denial was based on information
given by the CRA.
You have
the right to a free copy of your credit report when your application
is denied because of information supplied by the CRA. Your
request must be made within 60 days of receiving your denial
notice.
If you
contest the completeness or accuracy of information in your
report, you should file a dispute with the CRA and with the
company that furnished the information to the CRA. Both the
CRA and the furnisher of information are legally obligated
to investigate your dispute. You have a right to add a summary
explanation to your credit report if your dispute is not resolved
to your satisfaction. This information is adapted from "Bound
for Good Credit" published by the Federal Trade Commission.
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